ITV

Tag: Essel Group

  • “Govt. should come up with clear, transparent security clearance guidelines:” Dr Subhash Chandra

    “Govt. should come up with clear, transparent security clearance guidelines:” Dr Subhash Chandra

    MUMBAI: The growing number of television channels and the recent debate over the security clearance of Kalanithi Maran owned Sun TV Network has led the ‘Big Daddy’ of Indian television to come out and speak about ownership and security guidelines of the mushrooming channels.

     

    Essel Group chairman Dr Subhash Chandra said, “From the beginning, I have been of the view, which I mentioned during the UPA 1 regime to Priyaranjan Das Munshi and Dr. Manmohan Singh that licences should not be issued without proper checks.”

     

    According to Chandra, news channel licences should be scrutinized in the manner that the Reserve Bank of India scrutinizes applications before issuing any licence in financial service. “They go to the extent of finding out the ultimate source of funding as well as cleanliness of people involved and check them out before issuing licence,” he informed. 

     

    Chandra has been actively speaking about having a strict and clear guideline before issuing licences from 2001-2006. “But because no one was listening to my point of view, I decided to then remain dormant and listen to the government’s point of view,” he laughed off. 

     

    Ten days ago, Chandra had tweeted rather sensationally saying, “I will not be surprised if for some TV stations, the final money is coming from Dawood Ibrahim.” He feels that the system prevalent currently doesn’t go even one layer beyond what the person has submitted. 

     

    The minimum amount required for starting a news channel today is Rs 5 crore. “As per the guidelines today, the check is done on the person submitting the money. No one tries finding out where the money is coming from. This is eroding our credibility as media,” he said.  

     

    Chandra is of the opinion that the time has come to have strict, clear and transparent guidelines, which will expose the corporate veil and go to the real source of funding. “The government is not doing anything on the issue of media ownership and then says that all media is wrong,” he added. 

     

    Pointing out that no one so far has debated on the issue, he said, “I want the debate to be triggered and then the decision can be taken collectively.”

     

    Calling out to the government to check entities through clear guidelines, he said, “Those who are clean will come out clean, but the government hasn’t checked anyone. We are open to such scrutiny ourselves.”

     

    Stressing on the fact that not having clear security guidelines compromises with the national and economic security, Chandra said, “I want to see clean money coming into the sector.”

  • ZMCL to launch English news channel for global audience

    ZMCL to launch English news channel for global audience

    MUMBAI: Zee Media Corporation Limited (ZMCL) is looking at expanding its portfolio of news channels. The network is prepping itself for an English news channel now, albeit for the global audience. 

     

    “I have been harbouring this thought of starting a global news network in English for the global audience but with an India point of view,” said Essel Group chairman Dr Subhash Chandra. 

     

    The network is currently working on the channel. “We will announce the launch soon, it could be any week or any month,” added Chandra. 

     

    The channel could be launched with or without a partner, informed Chandra adding that the channel will first launch in India and then have a global presence. “We will start with our nation and then go global,” he said. 

  • Q1-2016: Despite 4% drop in revenue, Zee Learn PAT up 11%

    Q1-2016: Despite 4% drop in revenue, Zee Learn PAT up 11%

    BENGALURU: The Essel Group’s education company Zee Learn Limited reported 11.1 per cent higher profit after tax (PAT) for the quarter ended 30 June, 2015 (Q1-2016) at Rs 3.96 crore (11.1 per cent margin) as compared to the Rs 3.56 crore (9.6 per cent margin) in Q1-2015. PAT in the current quarter was also 3.8 per cent higher than the Rs 3.81 crore (9.2 per cent margin) in the immediate trailing quarter.

     

    Zee Learn’s Total Income from Operations (TIO) in the current quarter at Rs 35.79 crore was four per cent lower than the Rs 37.30 crore in the corresponding year ago quarter and 14.1 per cent lower than the Rs 41.69 crore in Q4-2015.

     

    Note: 100,00,000 = 100 Lakhs = 10 million = 1 crore

     

    Let us look at the other numbers reported by Zee Learn

     

    Zee Learn’s Total expenditure (TE) in Q1-2016 at Rs 29.14 crore (81.4 per cent of TIO) was 6.5 per cent lower than the Rs 31.17 crore (83.6 per cent of TIO) in Q1-2015 and 19.5 per cent lower than the Rs 36.18 crore (86.8 per cent of TIO) in Q4-2015. 

     

    The company’s marketing, advertisement and publicity expense (marketing expense) for Q1-2016 at Rs 4.68 crore (13.1 per cent of TIO) was 89.3 per cent (almost double) more than the Rs 2.47 crore (6.6 per cent of TIO) in Q1-2015, but 45.6 per cent lower (almost half) than the  Rs 8.6 crore (20.6 per cent of IO) in Q4-2015.

     

    Employee Benefit Expense (EBE) Q1-2016 at Rs 6.17 crore (17.2 per cent of TIO) was 8.3 per cent lower than the Rs 6.73 crore (18 per cent of TIO) in Q1-2015 but 17.2 per cent more than the Rs 6.05 crore (14.5 per cent of TIO) in the immediate trailing quarter. 

     

    In Q1-2016, Zee Learn’s operating cost at Rs 0.56 crore (1.6 percent of TIO) was 18 percent lower than  the Rs 0.68 crore (1.8 per cent of TIO) in Q1-2015 and 55.7 per cent lower (less than half) the Rs 1.25 crore (three per cent of TIO) in Q4-2015. 

     

    Other expense in Q1-2016 at Rs 7.69 crore (21.5 per cent of TIO) was 28.7 per cent higher than the Rs 5.98 crore (16 per cent of TIO) in Q1-2015 and 3.8 per cent more than the Rs 7.41 crore (17.8 per cent of TIO) in the immediate trailing quarter.

     

    Zee Learn says that on 28 June, 2015 a fire occurred in one of the warehouses of the company at Bhiwandi near Mumbai and the inventory of educational material lying at the said warehouse amounting to Rs 1416.61 lakh got completely destroyed. Further, Zee Learn says that it has lodged a claim with the insurance company for the loss incurred. Pending the settlement of insurance claim, the loss is accounted as ‘Claims Receivables’ under other current assets to the extent of the above amount. On settlement of the claim by the Insurance company, the difference in loss claim and actual claim received, if any, will be charged to the statement of profit and loss account.

  • Q1-2016: Dish TV q-o-q PAT up 55%, adds 390K net subscribers

    Q1-2016: Dish TV q-o-q PAT up 55%, adds 390K net subscribers

    BENGALURU: Last fiscal and quarter (year and quarter ended 31 March, 2015, Q4-2015), the Subhash Chandra led Essel groups DTH operator Dish TV Limited (Dish TV) turned the corner with a consolidated PAT of Rs 3.14 crore and Rs 34.94 crore (margin 4.8 per cent) respectively. 

     

    Dish TV was probably the first among listed DTH companies in the country in FY-2015 and Q4-2015 to report a profit after tax as opposed to the operating profits reported by a segment of the other goliaths for whom DTH services is just another small segment.

     

    This quarter (quarter ended 30 June, 2015, Q1-2016), the company has reported 55.2 per cent higher PAT at Rs 54.21 (margin 7.4 per cent) as compared to the above mentioned PAT in Q4-2015. The company had reported a loss of Rs 14.97 crore in Q1-2015.

     

    Note:  (1)100,00,000 = 100 Lakh = 10 million = 1 crore

     

    (2) With effect from April 1, 2015, Dish TV says that it has started netting-off certain collection fees paid to its trade partners from its topline. This has resulted in the company’s topline getting shrunk by around 4 percent, with a similar number being decreased from the middle line. The values for the prior comparative periods have also been recast to reflect the same.

     

    (3) Dish TV recently transferred its non-core business (including set-top boxes, dish antenna and related services) to its wholly owned subsidiary Dish Infra Services Private Limited (formerly known as Xingmedia Distribution Private Limited) on April 1, 2015 on a going concern basis. The Company today reported its maiden consolidated quarterly numbers.

     

    The company reported addition of 3,90,000 net subscribers in Q1-2016, taking its total subscriber base to 1.33 crore as on 30 June, 2015. Post consolidation, Dish TV says that Average Revenue Per User (ARPU) was Rs 173 versus Rs 172 (q-o-q) in Q4-2015. ARPU however would have been Rs 180, as compared to Rs 179 in Q4-2015, without the effect of consolidation. The company reported consolidated subscription revenues at Rs. 628.88 crore, up 20.6 percent y-o-y.

     

    The company reported 0.9 per cent higher consolidated net total Income from Operations (TIO) in the current quarter at Rs 736.68 crore as compared to the Rs 729.93 crore in the immediate trailing quarter and was 19.2 per cent more than the Rs 618.04 crore in Q1-2015.

     

    Dish TV chairman Subhash Chandra said, “Dish TV has been actively contributing to the ‘Digital India’ movement by digitizing analog TV homes in DAS phase 3 and 4 markets and remains optimistic about its prospects to acquire a substantial share in these markets. Continuing its focus on growth with profitability, the company delivered another quarter of encouraging financial results.”

     

    Let us look at the other numbers reported by Dish TV

     

    Dish TV total expenditure in Q1-2016 at Rs 659.69 crore (89.5 per cent of TIO) was 0.7 percent lower than the Rs 664.08 crore (91 per cent of TIO) in Q4-2015 and was 8.7 per cent more than the Rs 606.80 crore (98.2 per cent of TIO) in Q1-2015.

     

    A major expense head is programming /content and other costs (content costs). In Q1-2016 content cost at Rs 212.01 crore (28.8 per cent of TIO) was 2.1 per cent more than the Rs 207.62 crore (28.4 per cent of TIO) and was 5.3 per cent more than the Rs 201.39 crore (32.6 per cent of TIO) in Q1-2015.

     

    Employee Benefit Expense (EBE) in Q1-2016 at Rs 34.67 crore (4.7 per cent of TIO) was 39.7 per cent more than the Rs 24.81 crore (3.4 per cent of TIO) an was 34.8 per cent more than the Rs 25.72 crore (4.2 per cent of TIO) in the corresponding year ago quarter.

     

    Dish TV managing director Jawahar Goel said, “Our first quarter results are in line with the success of our regional and high definition (HD) strategy. Our regional offering, Zing, would soon be launched in Kerala and would carry the largest cache of vernacular channels offered in that market. Zing cemented Dish TV’s supremacy in the DAS Phase 3 and 4 markets with custom-made content, hardware and service packages for the regional audience. High definition continues to be a value driver and a key differentiator for us compared to other DTH offerings in India. Dish TV’s industry leading bandwidth capacity supports 42 HD channels, the largest on offer by any distribution platform so far.”

     

    “Led by robust subscriber additions and an improving ARPU, subscription revenues for the quarter increased 20.6 per cent over the corresponding quarter last fiscal. EBITDA of Rs 2,368 million recorded a significant 51.3 per cent jump over the corresponding quarter. Net Profit for the quarter was Rs 54.2 crore compared to a loss of Rs 15 crore in the first quarter last fiscal. The resultant free cash flow was Rs 68.9 crore. Amid improving financial performance, churn for the quarter remained steady at 0.7 per cent per month,” added Goel.

  • Sony Six bags broadcasting rights to India vs Sri Lanka 2015 test series

    Sony Six bags broadcasting rights to India vs Sri Lanka 2015 test series

    MUMBAI: In a US $ 3.2 million deal, Multi Screen Media’s (MSM) sports venture Sony Six has acquired the rights of India vs Sri Lanka three test match series. The series to be held in Sri Lanka, will take place between 12 August, 2015 and 1 September, 2015.

     

    This 20-day tour includes three test matches to be held in the cities of Galle, Colombo and Kandy and will be shown live and exclusive on Sony Six.

     

    Sony Six and Sony Kix business head Prasana Krishnan said, ”We are delighted to partner Sri Lanka Cricket Board as the official broadcaster of the series. The fixture between the two Asian giants is one of the most sought after and keenly followed contests in cricket and we are proud to be bringing it live to our viewers. And it will be interesting to watch how the Indian squad fares under Virat’s aggressive style of leadership.”

     

    Sri Lanka Cricket chairman Sidath Wettimuny added, ”Sony Six has established itself as one of the most exciting sports channels in the industry and we are thrilled to be associated with them for this test series. The channel’s track record in showcasing premier sporting properties further cemented our decision in making them our broadcaster partner in bringing the high-quality sporting action. Through this deal, we believe we will be able to expand and reach out to a wider and newer audience.”

     

    It can be noted that the broadcasting rights for the Sri Lanka Cricket Board are with Essel Group’s sports arm Ten Sports. However, this series is a back up for the curtailed West Indies vs India series which ended mid way due to organisational differences between West Indies players and their cricket board. Subsequently, as the series was not a part of the calendar initially, it was not a part of the official broadcasting deal between Sri Lanka Cricket Board and Ten Sports.

     

    With the rights of the test series going to Sony Six, several reports linked it to the alleged differences between the Board of Control for Cricket in India (BCCI) and Essel Group chairman Subhash Chandra. Clarifying the networks stand, Ten Sports CEO Rajesh Sethi told Indiantelevision.com, ”Firstly, this has nothing to do with BCCI- Subhash Chandra relationship and we have a very cordial relationship with the Sri Lanka Cricket Board as well.”

     

    He further added, ”This series was not a part of the deal and hence separate bidding took place, which is absolutely normal and technical. We also did bid for the series but we have to understand that it is a three test match series, with no ODIs or T20 matches and hence going ballistic was not our strategy. If it was a full-fledged series with Test, ODIs and T20s, we would have aggressively pushed for it.”

     

    According to Sethi, the duration and format of the series does not allow the broadcaster to monetize the property well. Besides, the weather under which the test series will be played will have an impact on the broadcaster. Paramount possibilities of rain enhance the chance of interruptions and that’s something which will be on advertisers mind too.

     

    The series is highly important as Team India will go all guns blazing to write off the critics and restore fans’ faith after its debacle in Bangladesh. It should also prove to be one of the most vital one for Virat Kohli as he captains the India squad in what will be his first ever complete test series. Not just that, legendary batsman Kumar Sangakkara will bid adieu to the world of cricket after the series. So competition, agony, history and team spirit can make the series an exquisite experience for the cricket lovers.

  • Siti Cable and Dish TV join hands to form ‘Comnet’

    Siti Cable and Dish TV join hands to form ‘Comnet’

    MUMBAI: Dr Subhash Chandra led Essel Group believes in innovation and how. The two companies from the group, multi system operator (MSO) Siti Cable Network and direct to home (DTH) player Dish TV have formed a joint venture (JV) to deal with the ever growing content cost. Christened ‘Comnet’, the JV will help synergise the strengths of both the organisations in dealing with broadcasters.

     

    Essel Group has synergies in broadcast, cable, DTH and over the top (OTT) services. “When we look at either of these platforms, the key to its existence is content. The cost of content today is increasing rapidly and at a pace with which even the connections in the market aren’t growing,” tells Siti Cable CEO VD Wadhwa to indiantelevision.com.

     

    According to Wadhwa, while the consumer average revenue per user (ARPU) levels is increasing in single digits, broadcasters, who sign one-year deals with distribution platforms, expect the revenues grow anywhere between 20-60 per cent. “This is impractical, unsustainable and is no way any business model will evolve or work,” he adds.  

     

    The reason both Dish TV and Siti Cable have come together is to be able to make the best use of each other’s advantages and disadvantages. While DTH doesn’t enjoy as much carriage as cable gets, when it comes to content deals, DTH platforms have an upper hand. “While my input cost, which is the content cost is growing at a fast pace, I am not being able to drive the market price. If consumer ARPUs remain low, we can’t allow the content cost to go up. Also considering both the platforms target the same set of consumers in the market, it made more sense for us to join hands to deal with broadcasters,” informs Wadhwa.

     

    Dish TV CEO RC Venkateish says, “This move will help both the entities to provide quality content at affordable price to consumers.”

     

    Both, the DTH and cable platform currently is unable to pass on the increased input cost to the customer. “And then there are the additional taxes. The Delhi government recently increased the entertainment tax from Rs 20 to Rs 40, not realizing that it is a price sensitive market. Neither the consumer nor the broadcaster is ready to take the burden of the increasing cost. In order to protect our business model and remain a consumer friendly company and comply with all the rules and regulations, we thought of coming together,” he says.  

     

    The JV will help the duo in not just controlling deals with broadcasters, but also in sourcing equipments. “Both Dish TV and Siti Cable need set top boxes. There are a lot of synergies if we work together,” he adds.

     

    Between Siti Cable and Dish TV, the two currently have more than 2 crore subscribers, which in the next two years, according to Wadhwa will go up to 4 crore. “If we are currently present in 2 crore households, we are talking of almost 9-10 per cent of India’s population. This gives us a lot of leverage,” he says.

     

    According to Wadhwa, while the broadcasters have already come together to work for the advantage of the broadcasting sector, the distribution platforms too need to work in a synergy. “While that is currently not possible, at least the two companies in the group should start working together immediately,” he opines.

     

    As part of the JV, the duo will hold joint discussions with broadcasters, taking joint call on the deals. “If the broadcaster wants to arm twist Siti Cable, it has to be careful that Dish TV may also react or vice versa,” he informs.  

     

    Starting 1 July, 2015, it is ‘Comnet’ that will do the negotiations with broadcasters for both the platforms together. Post that, a direct contract between the broadcaster and the distribution platform will be signed. “The benefit will be shared between Dish TV and Siti Cable,” concludes Wadhwa.

  • Ten Sports upbeat about India tour of Zimbabwe

    Ten Sports upbeat about India tour of Zimbabwe

    MUMBAI: After all the hue and cry, the Board for Control of Cricket in India (BCCI) has finally decided to go ahead with the Zimbabwe tour, a week after reportedly calling it off.

     

    As per earlier reports, BCCI citing Team India’s fatigue and conflict with broadcaster Ten Sports had decided to cancel the Zimbabwe tour. But after rounds of negotiations between the representatives of the two boards in Barbados, the decision of going ahead with the tour was taken.

     

    Subhash Chandra owned Essel group, the parent company of Ten Sports, which is reportedly investing heavily to form an alternative cricket regulatory board and organise lucrative cricket leagues is what had irked BCCI and thus the decision to call off the series which is to be aired on Ten Sports.

     

    Speaking to Indiantelevision.com, Rajesh Sethi says, “The tour was never called off officially and we were always prepared for it. Ten Sports shares a very cordial relationship with all the five boards and pleased to have their broadcasting rights (Zimbabwe, South Africa, West Indies, Pakistan and Sri Lanka). We are upbeat about the series.”

     

    Adding some relief to the cricket fans of Zimbabwe board chairman Wilson Manase had earlier said, “While negotiations are still on with respect to Team India tour to Zimbabwe, but it seems confirmed that the tour will go ahead. Consequently Team India is expected in Zimbabwe on the 7th of next month. Team Zimbabwe must get ready and be prepared to give Team India a rousing welcome.”

     

    The tour will help Zimbabwe cricket raise some money which they are in real need of, says a cricket expert and historian on condition of anonymity. “In the battle of ego between BCCI and the broadcaster, we should not forget the third stake holder Zimbabwe cricket, which desperately needs to generate revenue. So I am thankful to BCCI that they have decided to go ahead with the tour. From cricket perspective it’s never over till the last ball is bowled and the Bangladesh tour is the proof of that. Zimbabwe cricketers will come hard to the Indians. Having said that the senior bras desperately needed a break and team sent will try their level best to leave a mark. Overall, I expect it to be a good series,” he adds.

     

    Media planning fraternity feels that the ad rate for the series will go down as big names are missing from the team. “MS Dhoni featured in the Forbes list of top 100 richest athletes and he also has a huge fan following and so does Virat Kohli. Hence their absence will make life difficult for the sales team of Ten Sports,” feels a senior media planner who closely deals with sports planning and buying.

     

    Normally for a bilateral series, a 10 second ad slot is sold at Rs 3.5 to Rs 4 lakh. But, with big guns missing from the playing 11, media buyers feel that Ten Sports will be able to fetch around Rs 2 lakh for every 10 second slot.

     

     “Ad rates are directly proportional to the viewership. Dhoni, Kohli are big names and they generate huge word of mouth which results in higher ad rates. So the fact that they are missing will certainly impact the ad rates. But, if the tour was cancelled it would have yielded nothing. Hence it’s good for all three parties involved that the tour is happening,” says a media planner.

     

    Ajinkya Rahane who was dropped after the first ODI in Bangladesh will be leading the team in Zimbabwe. The selection committee has given a career reviving opportunity to veteran wrist spinner Harbajjan Singh by selecting him in place of Ravichandran Ashwin. Singh’s performance in IPL 2015 was key to Mumbai Indian’s success and was acknowledged by numerous pundits. Now it remains to be seen if Rahane can pull off a successful tour in the land of Lions.

     

    The ODI squad for Zimbabwe tour:  Ajinkya Rahane (capt), M Vijay, Ambati Rayudu, Manoj Tiwary, Kedar Jadhav, Robin Uthappa, Manish Pandey, Harbhajan Singh, Axar Patel, Karn Sharma, Dhawal Kulkarni, Stuart Binny, Bhuvneshwar Kumar, Mohit Sharma, Sandeep Sharma.

  • ‘Dr. Subhash Chandra Show’ travels to Manipal

    ‘Dr. Subhash Chandra Show’ travels to Manipal

    MUMBAI: Dr. Subhash Chandra, chairman, Essel Group and Zee, today addressed the students of T.A. Pai Management University (TAPMI), Manipal for the next episodes of India’s popular youth show – Dr. Subhash Chandra (DSC) Show. The DSC Show has successfully completed over 40 episodes travelling to various cities across India, including Mumbai, New Delhi, Noida, Kolkata, Jaipur, Lucknow, Ahmedabad, Ghaziabad, Pune, Jalandhar, Chandigarh and now Manipal.

    Speaking on the topic ‘Has media lost its credibility?’, Dr. Chandra stated, “News media is a tool which in a large democracy like ours creates public opinion so that the other pillars of the society like the executive, the legislature, the judiciary and even business, do not use the democracy for their own gains. Today, so much information is available on the internet which helps people to decipher the difference between right and wrong. Social media is keeping the mass media in check and helping the news media to stay honest.”

    Interacting with the students on the topic of ‘Gratitude’, Dr. Chandra emphasized, “The expression of gratitude to the environment makes life beautiful. When we do good work, we like our reflection in the mirror in the morning. This sense of gratitude also makes us feel more positive, better and younger.”

    Sharing insights on the newly launched DSC Club, Dr. Chandra said, “We have started the DSC Club to identify talents of each individual through a scientific method which will help in career guidance. The DSC Club aims to create a talent pool in different parts of the country and become a bridge between potential entrepreneurs and financial institutions. We want to identify the change agents in the country who will become a part of the editorial team of an e-newspaper for their own city, assembly or constituency.”

    Dr. Subhash Chandra (DSC) show is aired every week on Saturday at 10 pm on Zee News and 7pm on Zee Business and on Sundays at 11 am on both Zee News & Zee Business.  This show is also aired on other channels of Zee Media Corporation Limited.

    A self-made man, Dr. Subhash Chandra has consistently demonstrated his ability to identify new businesses and lead them on the path to success. From trading goods, setting up a packaging industry to opening up theme parks and multiplexes, and creating India’s largest and most profitable TV media group, Dr. Chandra has travelled a long way. It was Dr. Subhash Chandra’s vision that helped give birth to the satellite TV industry in India with the launch of Zee TV in the year 1992.

    Dr. Subhash Chandra (DSC) Show Timings:

    Learn how to innovate, set up and make your business flourish from the expert himself, a man of a thousand ideas, Dr. Subhash Chandra. Don’t miss the Dr. Subhash Chandra Show for an enterprising and entertaining weekend!

  • Zee breaks ground in NYC with nature cure and ayurvedic wellness center

    Zee breaks ground in NYC with nature cure and ayurvedic wellness center

    MUMBAI: In the presence of key political officials and more than 200 VIPs from the local community of upstate New York, Essel Group and Zee chairman Subhash Chandra led the foundation of a first-of-its-kind Nature Cure/Ayurvedic wellness center. 

    The creators are hopeful that apart from promoting health and wellness, this initiative will also be very instrumental in creating more job opportunities and overall economic development for the community at large. 

     

    While addressing the large assembly of dignitaries, Chandra expressed his pride in spreading the energy and spirit of yoga. “We have learned the harmony and wonders of this spiritual discipline, and with June 21st being recognized internationally for one of India’s gifts, it is the perfect day to break ground on our new Center. It will bring peace, harmony, jobs and a boost to the economy of this region,” he said, adding, “It is a beautiful act of nurturing the divinity within you. I strongly believe that it is a gift to all of us, and it is essential that we work towards making it a mass movement globally. I am confident that the International Yoga Day which Narendra Modi has initiated will have a strong impact on humanity.”

    The company has so far invested $18 million and has committed $100 million dollar as planned for the first phase to turn the legendary Kutsher’s Country Club (Dirty Dancing fame) into a 260,000 square foot Nature Cure/Ayurvedic Wellness Center. This initiative is part of Chandra’s  total commitment to invest $250 million on the five pillars of wellness. 

  • Apollo sells 4.4% stake in Dish TV for Rs 486 crore; Citigroup buys 2.6 crore shares

    Apollo sells 4.4% stake in Dish TV for Rs 486 crore; Citigroup buys 2.6 crore shares

    MUMBAI: Apollo India Private Equity II (Mauritius) has raised approximately Rs 486 crore via a 4.4 per cent stake sale in Essel Group’s direct to home (DTH) company Dish TV. The company sold 4.7 crore shares in Dish TV at Rs 103.72 per share on the Bombay Stock Exchange (BSE) on 19 June, 2015.

     

    Of the shares sold by Apollo, Citigroup Global Markets Mauritius snapped up 2.6 crore shares for Rs 103.65 per share totalling to approximately Rs 268.5 crore.

     

    As on 31 March 2015, Apollo held an eight per cent stake in Dish TV through its outstanding global depository receipts (GDR). Apollo had acquired these shares at Rs 39.80 for a total consideration of Rs 465 crore (or $100 million) in 2009. Moreover in April this year, Apollo converted a part of the GDRs into equity shares and had sold it for Rs 262.5 crore via an open market transaction.

     

    On 19 June (Friday), Dish TV India closed at Rs 105.60, down Rs 4, or 3.65 per cent on the bourses. The share touched its 52-week high Rs 117.25 and 52-week low Rs 55.40 on 17 June, 2015 and 26 September, 2014, respectively.